Elaine A. Cook-Bellingham Real Estate

What is really going in our market?
What is the "new" process for buying a home?
Is there still 100% financing? (Yes)
What are my options as a home buyer?
Does buying a home still make sense? (Usually, but not always!)
What things do I need to consider?

These and many other questions will be answered at our Home Buyer Seminar:

When: Wednesday, March 18th, 2009 6:00 - 7:30 PM
Where: Neighborhood Mortgage
432 Bakerview Rd
Bellingham, WA 98226
To register, complete the form below.
Refreshments will be served!

Guest Speakers:

Leena Kirschman	Elaine A. Cook	Nancy Leavitt

Space is limited. Register here:

Money!
Through the 1st Time Home Buyer Program discussed here, and the Rural Housing Program!
And let us not forget the $7500 Housing Tax Credit given out by the government.

We are going to focus on the WA State 1st Time Home Buyer Program. The House Key program.

Currently there is a waiting list for these funds. So if this is something you want to pursue, you need to start taking action!

So, who is a 1st Time Home Buyer?
Anyone who hasn't owned a home in the last 3 years.

Who qualifies? The annual income maximum limit is $65,000 for 1-2 Person household;
and $75,000 limit for household of 3 or more.

Your credit rating must be relatively good. Your best bet is to talk to a qualified lender to know exactly where you stand.

The program sets a maximum price for a Whatcom County home at $300,000.

What do I do next?
To determine in what price range you can begin looking for homes, the first step is to talk to a qualified lender for this State Program. Here's a couple of them:
Alona Wrightson | Peoples Bank
360-676-5880 awrightson@peoplesbank-wa.com
Leena Kirschman | Neighborhood Mortgage
360-510-2593 leena@neighborhoodmortgage.net

Then attend the required class offered to 1st Time Home Buyers.

Contact a reputable, savvy, friendly, knowledgeable, REALTOR...hint...hint!

And finally...get information. Be prepared for the journey you are about to take!

Yes, 100% Financing is still available! Through the USDA Rural Housing Program!

The USDA sets aside funds to guarantee 100% financing on homes that are in "rural" America! The term "rural" usually makes one think of a country home on acreage. That is not the case. Most homes that qualify for this program are in residential developments...outside Bellingham city limits!

In Whatcom County, the basics are...any home outside the city limits of Bellingham qualifies as "rural". See the Whatcom County Map. There are several links to the left that showcase many of the available homes that qualify in Whatcom County. Areas such as Sudden Valley, Ferndale, North County and portions of the Toad Lake area; just to name a few.

The USDA goal is to help more folks get into a home of their own. This is not just a first time home buyer program. Any one can qualify based on the criteria below, and do not currently own a home. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

So, Who qualifies?
The maximum annual income limits are 115% of the annual low income established for Whatcom County. These annual household income limits are established by the size of your household:

1 PERSON 2 PERSON 3 PERSON 4 PERSON 5 PERSON 6 PERSON
$50700 $57950 $65200 $72450 $78250 $84050

Your credit scores must be decent, but stellar credit is not a requirement.
This program is mostly based on your income to debt ratios.

Apply On Line and let's get you moving!

And now, the official description of who qualifies:

Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits for this program are here. Families be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.

What homes qualify?
Again check out the map to verify the areas.

Here is the offical description of what type of homes qualify for this 100% financing:

"Under the Section 502 program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. Existing manufactured housing will not be guaranteed unlessit is already financed with an HCFP direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an HCFP"

Lending:
When buying a home the very first step you must take is with a lender...unless you are paying all cash!

I have has two recent experiences where the buyers lenders (Big National Lenders) could not do the loans...and these were very qualified folks! So I asked them to check with our local Bellingham lenders before giving up! Leena at Neighborhood Mortgage and Rob at The Bank of The Pacific came through for these folks. With equal rates and costs the National lender was promising...yet couldn't deliver. Another one to check with is Loren over at Whidbey Island Bank. Sit down with a lender or apply online. You must know where you stand financially, how much you can afford, how much down you need, closing costs, and what lending programs are available to you.

There are still several 1st Homeowner programs, which means you haven't owned a home in the last 5 years. 100% Financing programs are still available as well, through the Rural housing program.

In today's lending climate make sure you are working with a lender who can actually get your loan funded.
Ask them how many loans have they closed in the last 2 months!

Selling your Property.
First...find that savvy agent!

Your agent will take a tour of your home. Offer suggestions for home improvement items that will help you get top dollar for your property. They will then provide you with a CMA, and help you determine your listing price.

Your agent should provide you with a complete marketing plan specific to your property. Keep in mind that 90% of all homes are sold with an agent involved, and over 80% of all home buyers search the internet. The bulk of any "savvy" marketing plan will focus their budget in these two arenas.

Work with your agent on the marketing plan. The current market in Bellingham, WA requires a great marketing plan! Tell them what you love about your home, why did you buy it?

Your agent will be taking many pictures of your home and yard. Be ready for that!

Be realistic. And be aware that while your home is on the market, you don't live in it quite the same. You try not to leave clothes, dishes, messes scattered about prior to your departure for the day! You have one first impression...maximize it!

Once we have a purchase and sale offer on the table, we will look at the validity of the offer. This is where the negotiation begins.

Once we have an accepted offer, several deadlines start ticking away. It is my job to keep you informed of these deadlines, and protect your interests. When all contingencies such as financing, insurance, inspections have been satisfied we move towards closing.